I am carrying forward intraday and short-term capital losses since AY 2021-22. So, I have been filing ITR3 for the last few years using Quicko. In AY 2024-25 (or FY 2023-24), I didn’t perform any trading activity at all. When I filed ITR through Quicko this year, ITR2 was automatically selected by Quicko. In the draft before submission, the Quicko website showed that all the losses are being carry-forwarded.
Today, I downloaded my AY 2024-25 ITR form from the official Income Tax website. It doesn’t show my intraday losses being carry forwarded; it shows only the STC losses. What is the issue? What can I do now?
The carry-forward losses from previous years are not visible in the ITR-2 form due to the absence of business income in the current year.
However, please rest assured that the losses you have reported in previous years have been recorded accurately. These losses will be carried forward as per the tax regulations and will be available for adjustment against any future business income you might have in subsequent years.
I did some trading in FY 2024-25. So, when I am filing ITR using Quicko, it is selecting ITR form 3. However, the losses from previous years are not being considered. Why is that?
@Quicko I have 45k intraday profits this FY that I want to set off against the previous intraday losses, but I am not able to do so. Please let me know what to do.
I’m not with Quicko but I saw in my ITR filing that sometimes it doesn’t autofill immediately. You have to go to the Additional Details tab → Losses → Brought Forward Losses → Autofill from ITD.
Thanks.
When I click on that, it brings STCG losses from the last year (FY 2023-24) only. I had filed ITR form 2 last year, which includes STCG losses. My intraday losses from FY 2021-22 seem to be lost because of filing ITR form 2 last year.
If you check first 2-3 messages in this question, you can see that Quicko responded last year that the intraday losses are still carried forward in the background, but it doesn’t seem so now. To me it seems that they have some bug on their portal, which caused me to lose those intraday losses. Now, I cannot adjust those against current year profits.
Strange. Ideally yes it is carried forward even if not shown in the filed form.
I was in a similar situation - filed ITR-3 now, ITR-2 last year, and ITR-3 with some losses 2 years ago. ITR-2 last year did just have capital gains sections and not the F&O non speculative business loss sections. But now when I filed ITR-3 again it showed the 2 year old F&O loss as successfully carried forward.
My 11k intraday trading loss from AY 2021-22 showed as ‘lapsed this year’ because I didn’t do any intraday in FY2024-25. So Intraday is just carried forward for max 4 years. But your case sounds like exactly 4 years so it should be there?
Can you check whether your expected intraday trades are clubbed with STCG? Sometimes there’s variable handling of BTST trades by different brokers.
I hope @Quicko can review your particular case quickly.
So, you are saying your intraday loss from AY 2021-22 was carried forward even when you filed ITR 2 at some point and then reappeared later when you filed ITR 3? If the portal is showing as lapsed, that’s fine. At least it is showing that it was carried forward even though there was ITR form 2 in between.
Quicko has an option to manually add losses from previous years. Maybe I should do that in that case?
So, you are saying your intraday loss from AY 2021-22 was carried forward even when you filed ITR 2 at some point and then reappeared later when you filed ITR 3?
No, in my case I had F&O losses not intraday. F&O reporting is done in non-speculative business income - the business income field itself doesn’t exist in ITR-2. So F&O losses were being carried forward in the background, it was just not being displayed in ITR-2 because the field doesn’t exist.
If there is a intraday/speculative income field in ITR-2 and its showing previous years carry forward as 0, then our cases are different.
Quicko has an option to manually add losses from previous years. Maybe I should do that in that case?
(I’m not a tax professional so confirm with a CA or @Quicko)
From what I know losses which were not correctly declared in the corresponding year cannot be claimed in the following years.
I suggest you double check whether in your AY2021-22 ITR Form you see the corresponding amounts being carried forward in Schedule CFL under the column ‘Loss from speculative business’. If the original ITR has the amounts under Schedule CFL, I think entering it manually in Quicko should be ok.
Then after you file this AY’s ITR, before e-verifying, open the form and confirm that the amount under the schedule is correct and not doubled.
(again I’m not a tax professional so confirm with a pro - I won’t be liable for anything. This is just what I might do.)
Thanks a lot for answering my questions and helping me out.
For now, I decided to add the losses from previous years manually and submit the ITR. If I get any notice, I will take help from a CA and rectify the same.
